Crypto markets and Bitcoin (BTC) have been sustaining remarkable unpredictability for many weeks and analysts believe that Bitcoin price is going to be very volatile this weekend until the 30th of June.
This uncertainty is caused by Bitcoin’s latest parabolic heave towards thirteen thousand eight hundred dollars ($13,800) and consequent drive into ten thousand dollars ($10,000) zone.
Now, experts are cautioning that the weekend trading session can be a time where the markets can face an unpredictable action, which will decide the direction of markets.
Currently, BTC is trading down one percent (1%) at its cost of eleven thousand seven hundred and eighty-five dollars ($11,785) and is down from its daily highs of twelve thousand five hundred dollars ($12,500) recorded yesterday.
While observing BTC’s weekly price movement, it clarifies the volatility in Bitcoin price lately. During the start of this week, BTC price surged to thirteen thousand eight hundred dollars ($13,800) before earning incursion of selling pressure. This impulsiveness is a symbol of the augmenting market circumstances, as Bitcoin price is still experiencing a firm uptrend.
The next two days might hold some instability for BTC, an expert considers that the virtual currency will begin oscillating between the higher and lower limits of a recently established trading range.
A popular crypto expert – Cantering Clark discussed this trading range in his tweet, elucidating that the most instant range BTC exists within eleven thousand six hundred dollars to twelve hundred two hundred dollars ($11,600 -$12,200) which may continue for the probable future.
4/4- Look at the reactions, Notice many of these and you can assign greater importance to these areas moving forward. Trade the range now until the weather changes. $BTC pic.twitter.com/3AQn88xvJH
— Cantering Clark (@CanteringClark) June 29, 2019
Even though BTC is mainly flat at present and may endure trading sideways in the near-term, it is highly doubtful that its recent instability ends here. Traders would have to increase their level of understanding of the cryptocurrency market to actually understand which direction the cryptocurrency is headed.
